Purchase Contract for
Purchase and
Sale/Authorization to
Release
Hardship Letter/ Fin Form/
2 yrs Tax Returns/ 2
month bank statements/
last 2 pay stubs/ Copy of
Mortgage Statement
Repair estimate/
Listing Agreement/
Comparable Sales/2 REO, 2 Pending, 2 Sold
Current Market Analysis
Other items to
gather from real
estate agent,
contractor or others
Gather from
Homeowner
Fax Cover Letter/ Authorization/
Cover Letter/
Contract for P&S/
HUD 1/
Listing Agreement/
Financial Form FDMC/
Hardship Letter/
Last 2 pay stubs/
Last 2 bank statements
Last 2 years Tax Returns
Pre-approval letter
Send complete
package to each
mortgage holder
Send just P&S
and HUD 1 to
Lien Holders
SEE "Art of
the BPO"
Ask Mitigator "what
did the BPO come in
at?"
BPO low
enough to buy
outright?
1st mortgage
=
80-100% of BPO
Increase offer
price thru
negotiations
Buy - Fix Sell
OR
Quickturn?
2nd mortgage
=
5 -20% of balance
owed
All counter offers
must be made in
writing with P&S
and HUD 1
Buy - Fix Rent
Property needs
re-marketed to
find end buyer
3rd mortgage
=
5 - 10% of
balance owed
HUD 1 and P&S
agreement price
must match
Buy - Sell
Simultaneous
Quick turn
Liens
=
5 - 10% of
balance owed
Fax P&S and HUD
1 to loss mitigator
for approval